Pakistan’s securities regulator issues white list of digital lending apps to prevent online fraud

Google apps are seen on Honor 20 Pro smartphone at an event to launch the Honor 20 Series smartphones at Battersea Evolution in London on May 21, 2019. (AFP/FILE)
Short Url
Updated 12 April 2023
Follow

Pakistan’s securities regulator issues white list of digital lending apps to prevent online fraud

  • The SECP shared a list of 75 illegal apps operating in Pakistan with Google, asking the Internet giant to take them down from Play Store
  • Only licensed apps offering personal loans and investments will be allowed to operate in the country and remain available on Play Store

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday issued a white list of digital lending apps to serve as a reference point for Google that will list them on Play Store from May 31 to prevent the possibility of online fraud, said an official statement.

The SECP has published the name of SmartQarza as the approved app, and it is currently evaluating three other apps for final endorsement.

According to an official of the regulatory body, the issue of online fraud through unauthorized apps offering personal loan and investment was taken up by the Pakistani authorities with Google who urged the global Internet company not to allow such apps to function in Pakistan.

“We were negotiating with Google for the last couple of months, and now they have agreed that those apps which would not be licensed by the SECP will not be allowed,” said Muhammad Sajid Gondal, a spokesperson for the regulatory body, on Wednesday. “Google will review the app by May 31 this year, and all those apps that are not licensed will be taken down.”

The SECP spokesperson said that the regulatory body had identified and shared a list of 75 illegal apps on the Play Store.

“Until now, they have taken down about 40 out of those 75 apps,” Gondal said. “They are also reviewing the remaining apps. The most important component of the agreement with Google is that those apps operating outside of Pakistan will not be allowed to get access in the country.”

He expressed optimism that the move would help reduce or totally eliminate financial fraud through such illegal apps that could access users’ personal information.

“Only licensed apps will be available, and their forensic audit will be carried out to check if they have access to users’ personal data,” Gondal added.

The SECP has made it mandatory for apps to obtain cybersecurity certification from any firm approved by the Pakistan Telecommunications Authority (PTA), proving that they do not access customers’ personal data.

The SECP white list contains the names of approved apps owned by licensed Non-Banking Financial Companies (NBFCs), as well as the apps of licensed NBFCs that were operating as of December 27, 2022, and have applied for approval.

Pakistani law also mandates these apps to comply with digital lending standards, take adequate cybersecurity measures and controls to ensure confidentiality, and restrict them from accessing the user’s phone book or photo gallery.

Pakistan has become the sixth country, after India, Indonesia, Philippines, Nigeria, and Kenya, to introduce additional conditions for digital loan offering apps.
 


Pakistan minister praises Saudi king, crown prince for providing ‘excellent facilities’ to Hajj pilgrims

Updated 7 sec ago
Follow

Pakistan minister praises Saudi king, crown prince for providing ‘excellent facilities’ to Hajj pilgrims

  • Pakistan’s religious affairs minister inspects Hajj 2024 arrangements in Madinah 
  • Over 15,000 Pakistani pilgrims have arrived in Madinah weeks before Hajj kicks off

ISLAMABAD: Pakistan’s religion minister arrived in Madinah on Thursday to inspect Hajj 2024 arrangements, praising Saudi Arabia’s king and Crown Prince Mohammed bin Salman for ensuring “excellent facilities” were provided to pilgrims ahead of the Islamic pilgrimage. 

Chaudhry Salik Hussain, Pakistan’s religious affairs minister, arrived in Jeddah on Wednesday to inspect Hajj 2024 arrangements for Pakistani pilgrims. The Hajj is an annual Islamic pilgrimage to the holy places of worship in Makkah and is obligatory on every Muslim adult who is physically and financially able to make the journey. 

Over 15,000 Pakistani pilgrims have arrived in the holy city of Madinah from various parts of the country in a month-long flight operation that kicked off on May 9. Pilgrims are expected to depart for Makkah on May 17 after completing an eight-day stay in Madinah. 

“We are thankful to the Custodian of the Two Holy Mosques Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman for providing excellent facilities to Hajj pilgrims,” Salik was quoted as saying by Pakistan’s religion ministry. 

Hussain visited the Pakistan Hajj Mission and reviewed arrangements at the complaint management cell there. 

“Timely redressal of complaints of Hajj pilgrims is proof of the system’s success,” Hussain said. 

The minister said he was satisfied that Pakistani pilgrims were provided accommodations near the Prophet’s Mosque in Madinah, describing it as a notable achievement of the Pakistan Hajj Mission. 

Pakistan has a Hajj quota of 179,210 pilgrims this year, of which 63,805 people will perform the pilgrimage under the government scheme, while the rest will use private tour operators.

Pakistan has set up two control rooms, one in Madinah and another at Makkah, to facilitate Hajj pilgrims. This year’s pilgrimage is expected to run from June 14-19. 


Pakistan disaster authority urges caution as heat wave expected in May and June

Updated 29 min 10 sec ago
Follow

Pakistan disaster authority urges caution as heat wave expected in May and June

  • NDMA says temperatures likely to go up to 45 degrees in Sindh and Punjab provinces in May and June
  • Alerts issued for Umerkot, Tharparkar, Tando Allayar, Matiari, Sanghar, Bahawalpur and Rahim Yar Khan 

KARACHI: A heatwave is expected to hit the Pakistani provinces of Sindh and Punjab in May and June, the National Disaster Management Authority (NDMA) said on Thursday, advising citizens in high-risk districts to take precautions. 

Increased exposure to heat, and more heatwaves, have been identified as one of the key impacts of climate change in Pakistan, with people experiencing extreme heat and seeing some of the highest temperatures in the world in recent years. The South Asian country of more than 241 million, one of the ten most vulnerable nations to climate change impacts, has also recently witnessed untimely downpours, flash floods and droughts.

In a statement released on Thursday, the NDMA listed Umerkot, Tharparkar, Tando Allayar, Matiari and Sanghar in Sindh and the Bahawalpur and Rahim Yar Khan districts in Punjab as at risk from heat waves. 

“Temperatures could surge to 40 degrees Celsius from May 15-30,” the statement said. “Similarly, temperatures could rise to 45 degrees Celsius in June.”

People swim in a canal to cool themselves during a hot summer day in Lahore on May 16, 2024. (AFP)

Climate change-induced extreme heat impacts human health in multiple ways. Direct effects of exposure to extreme heat and heatwaves can include heat-related illnesses such as heat cramps, heat exhaustion, heatstroke, and hyperthermia. It can make certain chronic conditions worse, including cardiovascular, respiratory, and cerebrovascular disease and diabetes-related conditions, and can also result in acute incidents, such as hospitalizations due to strokes or renal disease. 

According to the Global Climate Risk Index, nearly 10,000 Pakistanis have died while the country has suffered economic losses worth $3.8 billion due to climate change impacts between 1999 and 2018. A deadly heatwave that hit Pakistan’s largest city of Karachi, the capital of Sindh, claimed 120 lives in 2015.

In 2022, torrential monsoon rains triggered the most devastating floods in Pakistan’s history, killing around 1,700 people and affecting over 33 million, a staggering number close to the population of Canada. Millions of homes, tens of thousands of schools and thousands of kilometers of roads and railways are yet to be rebuilt.


Cricket World Cup coming to New York’s suburbs where sport thrives among immigrants

Updated 49 min 43 sec ago
Follow

Cricket World Cup coming to New York’s suburbs where sport thrives among immigrants

  • T20 World Cup in June will be first major international cricket tournament in United States 
  • At first a popular sport in United States of America, cricket largely disappeared after World War I 

EAST MEADOW, N.Y.: A towering stadium boasting 34,000 seats and a precisely trimmed field of soft Kentucky bluegrass is rising in a suburban New York park that will host one of the world’s top cricket tournaments next month.

But on a recent Saturday morning, on the other side of Long Island’s Eisenhower Park, budding young cricketers were already busy batting, bowling and fielding on a makeshift pitch.

The T20 World Cup will be the first major international cricket competition in the US, but the centuries-old English game has been flourishing in the far-flung corners of metro New York for years, fueled by steady waves of South Asian and Caribbean immigration. 

Each spring, parks from the Bronx and Queens to Long Island and New Jersey come alive with recreational leagues hosting weekend competitions.

American cricket organizers hope the June competition will take the sport’s popularity to the next level, providing the kind of lasting boost across generations and cultures that soccer enjoyed when the US hosted its first FIFA World Cup in 1994. 

On Wednesday, retired Olympic sprinter Usain Bolt, an honorary ambassador of the T20 World Cup, visited the nearly complete Eisenhower stadium, along with members of the US cricket squad and former New York football and basketball greats.

Parmanand Sarju, founder of the Long Island Youth Cricket Academy that hosted Saturday’s practice, said he’s “beyond joyful” to see the new stadium rising atop the ball field where his youth academy began, a sign of how far things have come.

“When we started more than a decade ago, there was no understanding of cricket, at least at the youth level,” said the Merrick resident, who started the academy to teach his two American-born children the sport he grew up playing in Guyana in South America. “Now they’re building a stadium here.”

The sport originally took root in the outer boroughs of New York City but has gradually spread as immigrant families, like generations before, moved to the suburbs, transforming communities, said Ahmad Chohan, a Pakistan native who is the president of the New York Police Department’s cricket club, which also plays in Eisenhower as part of a statewide league with roughly 70 teams.

The World Cup, he said, is a “historic moment.”

Cricket is the second most-viewed sport in the world after soccer — India star Virat Kohli has 268 million Instagram followers — but it is only played by more than 200,000 Americans nationwide across more than 400 local leagues, according to USA Cricket, which oversees the men’s national cricket team.

Major League Cricket launched last year in the US with six professional T20 teams, including a New York franchise that, for now, plays some games at a Dallas-area stadium also hosting World Cup matches.

Venu Pisike, the chairman of USA Cricket, believes the T20 World Cup — the first time the US has competed in the tournament — will mark a turning point.

The sport is among those slated for the 2028 summer Olympics in Los Angeles — its first appearance at the games in more than a century, he noted. The International Cricket Council, the sport’s governing body, has also committed to growing the US market.

“Cricket is predominantly viewed as an expat sport, but things will look very different in the next 10, 20 years,” said Pisike. “Americans will definitely change their mindset and approach in terms of developing cricket.”

Both the Los Angeles games and the upcoming World Cup, which the US is co-hosting with the West Indies, will feature a modern variant of the game known as “Twenty20” that lasts around three hours and is highlighted by aggressive batters swinging away for homerun-like “sixes.” 

It’s considered more approachable to casual fans than traditional formats, which can last one to five days when batters typically take a more cautious approach. Twenty20 is the format used in the hugely popular Indian Premier League.

Eisenhower Park will host half the games played in the US, including a headlining clash of cricket titans Pakistan and India on June 9.

Other matches in the 55-game, 20-nation tournament that kicks off June 1 will be played on existing cricket fields in Texas and Florida. Later rounds take place in Antigua, Trinidad and other Caribbean nations, with the final in Barbados on June 29.

Cricket has a long history in the US and New York, in particular.

The sport was played by American troops during the Revolutionary War, and the first international match was held in Manhattan between the city’s St. George’s Cricket Club and Canada in 1844, according to Stephen Holroyd, a Philadelphia-area cricket historian.

As late as 1855, New York newspapers were still devoting more coverage to cricket than baseball, but the sport remained stubbornly insular, with British-only cricket clubs hindering its growth just as baseball was taking off, he said.

By the end of World War I, cricket had largely disappeared — until immigrants from India and other former British colonies helped revive it roughly half a century later.

Anubhav Chopra, a co-founder of the Long Island Premier League, a nearly 15-year-old men’s league that plays in another local park, is among the more than 700,000 Indian Americans in the New York City area — by far the largest community of its kind in the country.

The Babylon resident has never been to a professional cricket match but has tried to share his love for the game he played growing up in New Delhi with his three American children, including his 9-year-old son who takes cricket lessons.

Chopra bought tickets to all nine games taking place at Eisenhower and is taking his wife, kids and grandparents to the June 3 match between Sri Lanka and South Africa.

“For me, cricket is life,” he said. “This as a once-in-a-lifetime opportunity.”

The dense latticework of metal rods and wood sheets that make up Eisenhower’s modular stadium will come down soon after the cup games end, but the cricket field will remain, minus the rectangular surface in the middle known as the pitch.

Nassau County Executive Bruce Blakeman said what’s left lays a “world-class” foundation for local cricket teams — and perhaps a future home for a professional team.


PM calls Azad Kashmir protests ‘worrisome’ as $82 million subsidy doled out to region

Updated 16 min 18 sec ago
Follow

PM calls Azad Kashmir protests ‘worrisome’ as $82 million subsidy doled out to region

  • The prime minister says his government tried to resolve people’s issues quickly, announcing $82 million subsidy
  • The unprecedented protest broke out in the semi-autonomous region due to increase in flour price, power tariffs

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday described the recent protests in Azad Jammu and Kashmir (AJK) as “worrisome,” saying they were carried out by people who were striving for their rights democratically, though there were also elements within them whose sole objective was to destabilize the region.

The prime minister issued the statement during a daylong visit to the picturesque Himalayan territory where he held official meetings and addressed the AJK cabinet meeting in Muzaffarabad. The visit came just a few days after a massive public protest in the region resulted in four fatalities.

The unprecedented protests against price hikes broke out last Friday and spread across the semi-autonomous area under Pakistan’s administration. One police officer was killed while three protesters lost their lives in clashes taking place in different parts of the region.

“Recent days were very worrisome when a movement was going on [in Azad Kashmir],” Sharif said while addressing the AJK cabinet members. “Certainly, among those driving this movement were individuals who, with their legitimate demands, were fulfilling their duty in a democratic manner. However, it cannot be denied that there were some malicious elements whose sole purpose was to cause destruction, loss of human lives and create chaos in Azad Jammu and Kashmir.”

The Jammu Kashmir Joint Awami Action Committee (JAAC), which organized the demonstrations, announced an end to the protests on Tuesday after the Sharif administration approved subsidies to provide relief to people who objected to the increase in flour prices and electricity tariffs.

“We tried to resolve the issue in the best possible way and with urgency by meeting the demands of the people,” the prime minister continued, adding that his government had called a meeting earlier in the week on Monday to announce Rs23 billion ($82 million) to help the people of the region.

“Pakistan instructed the State Bank on 16th [of May] to send Rs23 billion amount to Azad Kashmir,” Sharif said. ” And as I speak to you now today, Rs23 billion have been transferred to Azad Kashmir’s account.” 

“This amount has been transferred to the AJK government today by the State Bank of Pakistan,” he said.

Sharif said the progress of Pakistan was linked with the progress of Kashmir and its people while noting that the two regions would prosper together.

He informed the cabinet that as soon as a visiting International Monetary Fund (IMF) team would leave Pakistan, both the minister and secretary of power division would visit the region to solve the pending issues on a permanent basis so that such protests could be avoided in the future.

Kashmir has been divided between India and Pakistan since their independence from Britain in 1947, with both countries ruling part of the territory, but claiming it in full.

The recent protests in AJK were unprecedented since the area has largely remained peaceful in the past.


Pakistan accuses Iran-backed militants of 17 sectarian killings between September 2023 to February

Updated 16 May 2024
Follow

Pakistan accuses Iran-backed militants of 17 sectarian killings between September 2023 to February

  • United States Treasury placed Zainabiyoun Brigade on its financial blacklist in January 2019
  • Pakistan’s interior ministry designated Zainebiyoun Brigade a “terrorist” organization in April 

KARACHI: The Counterterrorism Department (CTD) in Pakistan’s southern Sindh province said on Thursday the Iran-backed Zainabiyoun Brigade had carried out at least 17 sectarian killings in Karachi between last September to February this year, which were previously believed to be incidents of street crime.
The US Treasury placed the Zainabiyoun Brigade on its financial blacklist in January 2019 as part of a “pressure campaign to shut down the illicit networks the (Iranian) regime uses to export terrorism and unrest across the globe.” 
Many of the group’s fighters are believed to have been recruited from Pakistan by Iran’s Islamic Revolutionary Guard Corps and its Basij militia, and trained for operations in the Syrian civil war, which broke out in 2011. 
Some of the recruits have since returned to Pakistan, especially during COVID-19 pandemic closures, authorities say, prompting them to step up their crackdown on the group’s activities. Islamabad banned the group last month, saying it was a potential threat to security. 
“In the last few months of 2023 and the first few months of 2024, there was a sudden increase in targeted killings in Karachi, which initially appeared to be deaths due to resistance in street crimes,” a CTD statement released on Thursday said.
“When the CTD investigated these incidents, it was found that from September 2023 to February 2024, in addition to street crimes, there were nearly 17 sectarian targeted killings … Upon further technical and forensic investigation of the network involved, it was revealed that terrorists from the banned organization Zainabiyoun were involved in these acts of terrorism.”
The CTD said local militants belonging to the group were getting their targets, funds and other facilities from a man named Syed Hussain Mousavi alias Muslim who used one group to perform reconnaissance and another to take out targets. 
According to the CTD, sectarian killings carried out by the group had stopped in the city after two Zainabiyoun militants, Waqar Abbas and Hussain Akbar, were jailed following their arrest in a case involving the possession of illegal weapons.
Another team of sectarian killers originally from Gilgit-Baltistan had gone underground since the arrest of their accomplices, the statement said. 
In January, the CTD in Sindh said it had arrested a “trained terrorist” belonging to the Zainabiyoun Brigade in Karachi who was accused of an assassination attempt on a top Pakistani cleric.
Mufti Muhammad Taqi Usmani, a former Pakistan top court judge and a permanent member of the Organization of Islamic Cooperation’s International Islamic Fiqh Academy, narrowly escaped the assassination attempt in the port city in March 2019. The attack had killed two of Usmani’s guards and wounded a fellow religious scholar, Maulana Amir Shahabullah.
Karachi, a metropolis of 20 million that hosts the stock exchange and central bank, has for decades been beset by armed violence. 
While an armed campaign by the military, with help from police, paramilitary Rangers and intelligence agencies, against armed gangs and suspected militants in the city brought down murder rates after 2013, street crimes have been on the rise again since last year, with shooting deaths in muggings and robberies once again becoming a daily headline.